RBI has clarified that self-declaration by customers through non-face to face channels will be sufficient for completing the re-know your customer process, if there is no change in the information. Furthermore, addresses can also be updated through such channels, without the need to visit a bank branch.
The banks have been advised to provide facility of such self-declaration to the individual customers through various non-face-to-face channels such as registered email-id, registered mobile number, ATMs, digital channels (such as online banking / internet banking, mobile application), letter, etc., without need for a visit to bank branch.
This comes as a major relief to customers as they will not have to visit bank branches for re-KYC process.
If there is only a change in address, customers can furnish updated address through any of these channels after which, the bank would undertake verification of the declared address within two months.
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